v3.21.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net loss $ (14,243,716) $ (10,910,238)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 237,160 153,994
Noncash lease expense 43,295 48,259
Noncash interest expense 7,087 9,316
Noncash investor relations expense   66,767
Stock-based compensation 3,503,848 1,321,200
Change in fair value of common stock warrants 4,023 1,002,073
Change in fair value of contingent consideration 111,000 816,000
Unrealized loss (gain) on investments 202,384 (61,013)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 74,159 7,903
Grant receivable (368,465)  
Prepaid expenses and other current assets (282,654) (174,274)
Accounts payable 129,493 (719,787)
Deferred revenue (603,717) (1,494,395)
Accrued expenses and other liabilities 200,883 (435,338)
Other long-term liabilities 12,706 22,847
Deposits (29,487) 271,732
Net Cash Used in Operating Activities (11,002,001) (10,074,954)
Cash Flows from Investing Activities    
Purchase of short-term investments (61,202,605) (24,337,099)
Sale of short-term investments 60,877,673 3,799,995
Purchase of property and equipment (3,647,559) (211,401)
Proceeds from disposal of property and equipment   2,168
Net Cash Used in Investing Activities (3,972,491) (20,746,337)
Cash Flows from Financing Activities    
Proceeds from public offering of common stock and warrants, net of issuance costs   6,600,970
Proceeds from the issuance of common stock, net of underwriting discounts and commissions 26,304,282 36,998,653
Proceeds from exercise of stock options 27,261  
Stock issuance costs (658,184) (1,092,760)
Proceeds from PPP loan   702,000
Repayment of PPP loan   (702,000)
Repayments on principal of finance lease (60,342) (54,969)
Net Cash Provided by Financing Activities 25,613,017 42,451,894
Effect of exchange rate changes on cash and cash equivalents (3,128) (2,249)
Net Change in Cash and Cash Equivalents 10,635,397 11,628,354
Cash and Cash Equivalents - Beginning of Period 10,931,890 9,039,887
Cash and Cash Equivalents - End of Period $ 21,567,287 20,668,241
Supplemental Disclosure for Cash Flow Information:    
Finance lease right-of-use assets obtained with lease liabilities   173,822
Supplemental disclosure of non-cash investing and financing activities:    
Allocation of proceeds from public offering to warrant liabilities   2,494,823
Cashless exercise of warrants classified as liabilities   2,742,393
Cashless exchange of warrants classified as liabilities   $ 773,330

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